Allianz and Gaw Capital buy iconic office, shopping complex in Singapore for US$1.2 billion amid ‘flurry’ of investment in city state
- Allianz Real Estate and the Hong Kong-based private equity fund acquire Duo Tower and Duo Galleria, distinctive features of Singapore’s skyline
- The acquisition is the latest in a string of high-profile investments in Singapore property recently
Hong Kong-based Gaw Capital and Allianz Real Estate have bought part of an iconic mixed-use development in Singapore for S$1.6 billion (US$1.17 billion), in the city state’s largest private sector office sale in almost two years.
They acquired Duo Tower, a high-rise office building and Duo Galleria, the neighbouring shopping mall, from M+S Pte, a partnership between state-owned entities of Malaysia and Singapore.
The eye-catching hexagonal plated towers form a distinctive part of Singapore’s famous skyline.
Gaw is a private equity fund while Allianz Real Estate is the property investment arm of German insurance giant Allianz Group.
“Singapore is an established 24/7 city and has one of the most institutionalised commercial real estate markets in the world given its position as a key headquarters location for corporations in Asia. This will be an excellent addition to our global 24/7 cities office portfolio,” said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate.
Kenneth Gaw, president and managing principal of Gaw Capital, said: “This deal marks our second major office transaction in Singapore in 2019 and signifies our continued optimism towards the office market here.”
